Venezuela Makes A Huge Transfer Of Gold From Switzerland To Banks In China, Russia, And Brazil

Just days after returning home from another round of chemotherapy
in Cuba, Hugo Chavez has ordered billions of dollars in cash and
hundreds of tons of gold to be relocated.

According to
The Wall Street Journal, Venezuela will move the cash from
Swiss and English banks to Russia, China, and Brazil while moving
hundred of tons of bullion from abroad into its own central bank
vaults.

No official statement has been released, but following the U.S.
debt ceiling crisis senior Venezuelan officials have been vocal
about "a crisis of uncertainty" with their dollar based monetary
system.

Banking officials call the move a big risk that could be
prompted, in part, by litigation to recover damages from the
nationalization of Venezuela's oil fields -- a bill that could
range from $10 to $40 billion.

Documents released by Venezuala's foreign minister also mention
"the powers of the North" have "pillaged" Libya's European held
reserves and notes a plan should be made to avoid a similar fate.

This leads to further speculation about Chavez's cancer, next
year's elections, and potentially drastic political maneuvering
that could incur international sanctions.

Following the announcement, three lines of credit for $4 billion
were extended to Venezuala from China, Russia, and Brazil -- with
a portion of the Russian funds specifically slated for military
use.